Strategic Management | PDF Free Download Ebook

The book Strategic Management revolves around the significant concept regarding Strategic Management. However, this book was written by Reed Kennedy. The author breaks down the overall complex methods and concepts into an easy way, making this guide accessible to everyone. On the other hand, the writer also elaborates different way about how the companies operate at a strategic level.

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Book	Strategic Management
Publisher	Prentice Hall
Author	Reed Kennedy
Publication Date	1898
Pages	117
Genre	Business Strategy
Language	Engliah
Size	3.4 MB

What is Strategic Management?

The Strategic Management is a process in which the top management of an organization formulate and implement several goals and initiatives. This process includes the assessment of internal and external environment of an organization. Moreover, it also contains the best strategies just to ensure the long-term success of an organization.

Significance of Strategic Management

Strategic Management plays a vital role in an organization because it assists to achieve several objects and advantages in an organization. It allows the businesses that they can analyze internal abilities and external market situations just to make a comprehensive decision that can drive growth and sustainability. On the other hand, this process can also provide guidelines for future challenges and relevant changes.

Key Component of Strategic Management

The following are the Key Components of Strategic Management:

Strategic Analysis

Strategic Analysis is considered as the initial step of Strategic Management Process. Moreover, it involves the internal and external environment of an organization. Its basic aim is to identify the possible threats and opportunities.

Internal Analysis

• This process includes the capabilities of internal organization such as resources and skills. Moreover, in this process the experts can also analyze the services and products of an organization.

External Analysis

• This process analyzes the several external factors that influence the organization. Moreover, the management also observe the opportunities and threats just to meet the advanced standard. Furthermore, this framework examines the political, economical and technical environment that can affect the organization. Combinedly, we called this process PESTEL Analysis.  On the other side, this framework also contains Porter’s Five Forces. However, this model analyzes the competitive forces within the industry such as the threat of new entrants, the bargaining power of suppliers and buyers, the threat of substitute products, and the intensity of competitive rivalry.

Strategy Formulation

After the completion of analysis process, the next step is Strategy Formulation. Moreover, it involves developing plans and actions to achieve the organization’s objectives and targeted goals.

Corporate Strategy

• The Growth Strategy includes increasing the organization’s market presence can be achieved through expansion, diversification, and mergers & acquisitions.

• Stability strategies aim to keep things as they are in order to guarantee consistent performance.

• Renewal strategies is to address falling performance, these may include layoffs or turnaround tactics.

Business Plan

• The goal of Cost Leadership is to become the industry’s lowest-cost producer.

• The goal of Differentiation tactic is to set yourself apart from the competition by providing distinctive goods or services.

• Focuses on a particular market niche.

Functional Strategy

It has the following key points:

• Marketing

• Operations

• Finance

Strategy Implementation

Strategy Implementation is a process in with the experts put their developed plans and practices. Moreover, it involves the organizational resources and culture with their strategic goals.

Key Steps to Strategy Implementation

The followings are the key steps of Strategy Implementation:

• Communicating the Strategy

• Aligning Resources

• Building a Supportive Culture

• Monitoring Progress

Strategy Evaluation and Control

It is the last strategic management process. However, it evaluates the efficiency of plans and making adjustment as per needs.

Key Aspects of Strategy Evaluation

The followings are the Key Aspects of Strategy Evaluation:

• Performance Measurement

• Feedback Mechanisms

• Continuous Improvement

Case Analysis in Strategic Management

Real-Case words are one of the most crucial aspects of Strategic Management. Moreover, it involves the strategies of well-known companies just to understand their achievements and failures.

Steps in Conducting a Case Analysis

The followings are the key Steps in Conducting a Case Analysis:

• Identify the Problem

• Examine the Situation

• Grow Alternatives

• Access Alternatives

• Fulfilment of Plan

• Contingency Plan

Measuring Organizational Performance

Measuring Organizational Performance is one of the crucial processes to ensure the success of Strategic Management. Furthermore, this includes tracking a range of KPIs and measurements that show how the firm is doing in relation to its strategic objectives.

Common Performance Metrics

It involves the following Measures:

• Financial Measures

• Customer Measures

• Internal Process Measures

• Learning and Growth Measures

Final Remarks

The book Strategic Management is a significant book that provides us a comprehensive introduction to the Strategic Management. However, with the help of these advanced topics and methods, the readers can get a log term success without any trouble. Moreover, the author of this book elaborates several real-world examples and practical frameworks that can be easy to understand and access for all kind of readers. Whether you are a business student or other professional, this book can be your better choice. I recommend this book to all of them who love to read Business Strategy books.